Newport Beach, CA-based PIMCO, aka the Pacific Investment Management Co., hitherto best known for its mutual funds management and fixed-income investing prowess, has hired equities specialists Giles Money and Lucrecia Tam as new senior vice presidents.
Money will be a portfolio manager focused on global growth equity strategies and Tam will be an equity analyst focused on industrials.
The new hires continue the investment management company’s recent expansion into equities. Currently, PIMCO “offers a range of [equities] strategies and solutions that total $55 billion in assets under management,” the company says in a statement.
Both Money and Tam will be based in London, and will report to Virginie Maisonneuve, managing director and chief investment officer – global equities, according to the statement.
Prior to PIMCO, both Money and Tam worked at Schroders Investment Management in London, where he was a global portfolio manager and a global sector specialist focused on materials and utilities, and she was an equity analyst focused on industrials.
Before Schroders, Money managed several global equity portfolios at F&C Asset Management, according to the statement, and Tam was an analyst at Allianz Global Investors Capital, in San Diego, and an equity research analyst at Deutsche Bank Securities, in New York.
“We’re focused on continuing to grow our equity business by recruiting strong bottom-up equity specialists and analysts who thrive in picking stocks within a macroeconomic and secular framework,” Maisonneuve says in the statement, calling the two new hires “important contributors” to its strategies.
The new direction at PIMCO follows a widely reported turbulent 2014, which saw the “largest-ever annual exodus from a mutual fund company, according to preliminary figures from research firm Morningstar Inc.,” according to The Wall Street Journal. That exodus, in turn, followed the departures of the company’s CEO, Mohamed El-Erian, and its co-founder and key money manager Bill Gross.
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